Ethereum Price Forecast: Ether Looking Bearish In Short Term Within Range

Ether’s price is losing bullish momentum due to low volatility against the US dollar and bitcoin. ETH/USD could move down in the range toward $590.00 and $575.00.

Key Highlights

Ether’s price failed to move above the $610.00 and $615.00 resistances against the US dollar.

There was a break below a key contracting triangle with support at $605.00 on the 2-hour chart of ETH/USD.

ETH/BTC is still trading in the 0.0780BTC-0.0800BTC range with a sideways pattern.

Technically, the 2-hour chart indicators moved back in the bearish territory.

Ether Price Analysis

The past three days were mostly sideways as ETH/USD traded in a tiny range below the $615.00 resistance. Yesterday, the pair failed to move higher, resulting in a short-term downward reaction below $600.00.

On the other hand, ETH/BTC rose a bit but the 0.0800BTC resistance is still intact. There is a range in place with support on the downside at 0.0780BTC and resistance near 0.0800BTC.

Looking at the 6-hour chart of ETH/USD, the pair made a bearish move below a key connecting bullish trendline with support at $605.00. The price declined and moved below the 23.6 percent Fibonacci retracement level of the last wave from the $505.69 low to $628.21 high.

However, there was no momentum or volatility, suggesting that the recent downward break could be a false break. A crucial support awaits near $580.00-575.00.

The most important support and pivot level is $550.00. There’s an intermediate support near $565.00 and the 50 percent Fibonacci retracement level of the last wave from the $505.69 low to $628.21 high.

Moving down to the 2-hour chart of ETH/USD, the pair cleared a key contracting triangle with support at $605.00. Should the price decline further, Ether buyers are likely to take a stand near $580.00.

On the flip side, a bounce back from the current levels may perhaps face barriers near the $610.00 resistance and the 2-hour chart triangle upper trendline. Overall, Ether’s failure to climb above $610.00 initiated a short-term bearish move, with supports at $580.00, $575.00, and $565.00.

Important Resistance Levels

$610.00 and $615.00

Important Support Levels

$580.00 and $575.00

6-hour RSI

The RSI is heading lower toward the 50 level.

6-hour MACD

The MACD is slowly moving into the bearish zone.

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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